UrbanGold Identifies Two High Priority Gold in Soil Targets at Pallador Main - Drilling Planned

Ottawa, Ontario--(Newsfile Corp. - September 8, 2020) -  UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to announce that it has received a detailed interpretation report of the soil B-horizon sampling completed earlier in the summer in the northwest portion of its 100%-owned Pallador property (the "Property") in the Troilus-Frotet area, Quebec. The 659-sample survey has identified several anomalous gold targets, including two high priority targets located south and near the drilling recently completed by Kenorland Minerals, where numerous gold intersections have been reported (Kenorland Minerals August 31, 2020 news release).

The soil B-horizon program was completed over the area due to the near absence of outcropping bedrock and the presence of numerous gold bearing boulders of up to 102 g/t Au (UrbanGold September 2, 2020 news release). An interpretation of the results was completed by Remi Charbonneau PhD of Consultant Islandis, an expert in this field.

Dr. Charbonneau was able to identify up to seven areas of interest from the soil sample results, with two areas being earmarked as higher priority. The two areas of interest are located approximately 600m south of recent Kenorland Minerals drill results, in an area presumed to be on strike with its recent discovery based on available geophysical data. The multi-element study, which also includes anomalous silver values, suggests a local source which remains to be verified by drilling.

UrbanGold drilling is scheduled to resume on several portions of the property this fall, including on the soil targets, where no historical drilling is recorded in the area, except for the recent Kenorland holes immediately north. Details on the upcoming drill program on this portion of the property will be provided upon completion of the surface work later this month.

Qualified Person

Technical aspects of this news release have been reviewed and approved by Mathieu Stephens, P.Geo., President and CEO for UrbanGold, the Qualified Person, as defined by National Instrument 43-101.

About UrbanGold

UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused in key gold prospective areas of Quebec. The Company specializes in project generation supported by substantial exploration expertise. The Company's common shares trade on the TSX Venture Exchange under the symbol "UGM".

Forward Looking Information

This news release may contain certain forward-looking information and statements, including without limitation, the future drill program. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in UrbanGold's disclosure documents on the SEDAR website at www.sedar.com. UrbanGold does not undertake to update any forward-looking information except in accordance with applicable securities laws.

For further information

Investor Relations
First Canadian Capital Corporation
Phone: 416-742-5600

Mathieu Stephens, P.Geo
President and Chief Executive Officer

Phone 1-888-397-3566

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63371